20231008_招商证券_电力设备及新能源行业电池与电气系统系列报告：行业仍在较快增长产业链去库影响中游业绩表现_34页.pdf

|2023 10 08/2023H1 636.5 48%15.3%(Q2 17%)PHEV 0.5+/Wh A 23EPS 24EPS 23PE 24PE PB 892.8 10.6 13.8 19 15 5 92.3 2.3 3.3 20 14 3 52.0 1.8 2.3 15 12 4 21.3 4.4 4.6 9 9 2 20.3 2.3 3.4 18 12 2 25.9 5.1 7.2 19 13 3 59.1 1.7 2.4 17 12 4 12.6 3.9 5.1 12 9 2 34.0 3.1 4.3 16 12 2 64.1 3.5 5.0 11 8 2 58.6 3.6 4.7 17 13 2 21.4-1.7 6.2-46 12 3 27.6 2.8 3.5 13 10 3 16.8 0.8 1.1 16 12 2 Wind%299 5.7 5226.9 6.4 4341.6 6.1%1m 6m 12m 0.0-16.8-20.3 1.7-9.0-16.7 1 76 2023-09-27 2 2023 75 2023-08-08 3 1032023-07-21 S1090515050001-20-1001020Oct/22 Jan/23 May/23 Sep/23(%)电力设备及新能源 沪深300 104 2.5 1.1.5 1.2.7 1.3 2022Q4.8 1.4.10,.12 2.1.12 2.2.17 2.2.1.17 2.2.2.19 2.2.3.19 2.2.4.20 2.2.5.20 2.3.21.25 3.1.25 3.2.26 3.3.29 1.6 2.6 3.6 4 EV PHEV.6 5 2023 3.7 6.8 7.8 8 2019-2023.9 9 2019-2023/.9 XVEVxOrMsRrQoQtQrMpQrQ7NaO6MmOoOtRmPkPnMpPkPnNwP8OqRrQNZqMmOwMpNsQ 3 10.10 11 2011-2023 A.11 12.13 13.13 14.19 15.19 16/.20 17/.20 18.21 19.21 20 CTP.22 21.22 22.22 23.22 24 LFP LMFP LMP.23 25 LFP LMFP LMP.23 26.26 27 FSD.26 28.26 29 884039.WI PE-TTM.29 1.6 2.6 3.8 4.8 5 A&.11 6.13 7.14 8.15 9 GWh.15 10.16 11.16 4 12.18 13.18 14.18 15.18 16.18 17.18 18.19 19.20 20.20 21.23 22.23 23.24 24.25 25 ROE.27 26.28 27.28 28.30 29 PB.30 30 wind.32 5 1.1 2021-2022 656 1064 115%62%2023H1 636.5 48%2021 8%2022 13.5%23 H1 15.3%23Q2 17%23H1 PHEV 2022 688 97%25.6%2023H1 374 45%PHEV 103 92%EV 32%27.4%2022 22%PHEV 23H1 132 25%23Q2 71 34%15%23Q2 20%Q1 18.4%23H1 69.9 48%23Q2 37 43%11%Q2 8.7%Q1 IRA 1 40%20%2 2023 Q1 13.4 334 3 IRA 97 18 IRA IRA 4 IRA 5%5%2024-2025 6 1 2018 2019 2020 2021 2022 2023 H1 23H1 36.3 54.1 125.1 216.3 246.3 132.5 25%35.6 32.0 33.2 66.7 98.3 69.9 48%125.6 120.6 136.7 349.9 688.7 374.8 45%207.9 216.3 305.7 656.2 1064.0 636.5 48%Marklines 1 2 Marklines Marklines 2 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 18.7%18.1%19.6%27.6%18.4%20.5%6.3%7.1%7.0%7.5%8.9%8.7%19.2%24.2%26.6%31.3%26.1%28.7%10.7%12.0%14.2%17.1%13.5%17.1%Marklines 3 4 EV PHEV 0%20%40%60%80%100%-200%0%200%400%600%800%2020-012020-052020-092021-012021-052021-092022-012022-052022-092023-012023-05 EV PHEV 7 5 2023 3 Alliance for Automotive Innovation 1.2 16.7GWh 15.9GWh 233%2021 2022 2022 2023 1-8 100 5700 1.5TWh 1/Wh 0.5+/Wh:/8 6 7 3/LFP/LFP/Wh/Wh EPC/Wh 2021Q1 7.3 4.4 2021Q2 8.9 5.2 2021Q3 11.0 5.8 2021Q4 20.5 8.8 2022Q1 41.9 14.5 1.07 1.47 1.63 2022Q2 47.4 15.9 1.08 1.48 1.70 2022Q3 48.6 15.7 1.01 1.46 1.85 2022Q4 56.0 17.1 0.99 1.52 1.92 2023Q1 39.5 13.6 0.91 1.37 1.73 2023Q2 25.5 8.8 0.69 1.27 1.69 2023Q3 24.7 8.5 0.62 1.11 1.52 SMM 4 2017 2018 2019 2020 2021 2022 2023H1(GWh)2.96 7.48 6.99 11.95 21.83 35.23(GWh)11.77 14.10 17.20 27.00 64.80 154.09 110.20 8.81 6.62 10.21 15.05 42.98 118.86 25%53%41%44%34%23%EVTank EIA CNESA 1.3 2022Q4/2022 00.511.522.52022Q12022Q22022Q32022Q42023Q12023Q22023Q3LFP/Wh/Wh EPC/Wh 9 4 16/8 2019-2023 iFind 9 2019-2023/-50%0%50%100%150%200%250%2021 7 2021 8 2021 9 2021 10 2021 11 2021 12 2022 1 2022 2 2022 3 2022 4 2022 5 2022 6 2022 7 2022 8 2022 9 2022 10 2022 11 2022 12 2023 1 2023 2 2023 3 2023 4 2023 5 2023 6 10 10 1.4 2019-2022 2020 A 2015 A 3000 2020-2023 H1 572 407 1160 205 730 11 11 2011-2023 A wind 2023 6 5 A&2019 2020 2021 2022 2023H1 66.1 124.1 407.5 694.7 770.1 34%27.8 24.8 48.8 112.2 148.1 100%35.1 42.0 126.4 216.9 313.7 144%30.6 27.5 59.9 113.4 143.8 61%24.3 27.1 28.6 65.0 89.3 116%4.7 3.5 11.4 17.4 22.1 37%31.4 22.2 22.5 56.7 90.9 138%/14.5 16.4 15.0 36.4 48.5 75%2019 2020 2021 2022 2023H1 345.0 441.8 751.6 1,335.9 1,557.2 58%75.1 102.4 165.0 294.6 326.2 55%86.5 110.4 175.2 356.3 428.8 54%97.0 120.9 171.4 248.1 262.4 36%59.0 65.7 93.8 143.5 152.1 38%19.9 25.3 32.7 65.6 73.0 74%66.1 115.6 142.4 179.6 182.0 19%/70.9 75.2 88.5 114.8 123.4 25%/91 572 407 1,160 205 731 05101520253002004006008001000120014002019 2020 2021 20222023 1-6 2023()()12,2.1 2018-2022 2022 a b)c 2019-2020 2022 2022 0.85-0.95/Wh 0.5/Wh toC 13/23Q2 13%11%25%a b Q2 90GWh 50%24%c Q2 Q2 1.3 Q2 8.81 56%16%Q2 3700 a)Q2 1.6 Q2 b 2 Q2 12 13 6 2021 年 2022 年 2023H1 H1 同比 2023Q2 Q2 同比 Q2 环比 1,303.6 3,285.9 1,892.5 68%1,002.1 56%13%050010001500200025002017 3 2017 8 2018 1 2018 6 2018 11 2019 4 2019 9 2020 2 2020 7 2020 12 2021 5 2021 10 2022 3 2022 8 2023 1 2023 6/KWh/KWh 0.40.50.60.70.80.912020 9 2020 11 2021 1 2021 3 2021 5 2021 7 2021 9 2021 11 2022 1 2022 3 2022 5 2022 7 2022 9 2022 11 2023 1 2023 3 2023 5 2023 7/Wh/Wh 14 2021 年 2022 年 2023H1 H1 同比 2023Q2 Q2 同比 Q2 环比 169.0 363.0 229.8 54%117.9 44%5%35.0 115.9 69.8 34%32.5-12%-13%56.9 90.7 43.7 8%18.8-22%-25%373.6 521.6 222.4 2%117.6 6%12%103.6 230.5 152.4 76%80.6 71%12%82.6 212.6 84.0-8%37.1-30%-21%102.6 301.2 128.9 12%45.3-29%-46%55.1 139.4 32.6-40%12.5-56%-38%68.4 179.8 48.9-36%29.6-30%53%155.7 287.5 81.2-43%45.4-46%26%70.7 427.9 231.8 64%100.0 25%-24%48.4 225.6 88.9 18%39.5-6%-20%22.3 123.5 57.8 70%26.8 44%-14%200.7 303.4 172.7 21%93.6 19%18%353.2 630.3 333.5 8%142.4-20%-26%20.7 29.4 14.3 51%6.2 15%-22%8.6 16.6 4.6-47%2.2-53%-12%90.0 154.6 78.1 13%41.1 9%11%23.4 47.8 19.7-11%10.1-10%6%21.9 52.6 22.3 10%11.9 2%15%207.0 217.0 94.7-12%50.2-13%13%104.9 256.8 134.2 32%66.6 9%-2%11.2 23.6 9.9 5%4.3-11%-22%110.9 223.2 79.9-23%36.7-30%-15%69.5 96.6 34.3-31%17.9-22%8%52.0 61.3 20.7-38%9.5-30%-16%78.1 123.6 52.7-13%27.9-17%13%22.5 32.7 10.7-34%6.2 0%40%44.7 86.5 49.2 45%25.9 42%11%30.3 57.5 24.0-5%13.3 6%24%79.8 125.9 55.7-3%30.0-5%17%18.6 28.8 13.6 2%6.9 3%4%28.0 46.4 20.8 7%10.9 13%11%44.5 47.1 22.4 9%10.9 16%-5%181.7 216.1 92.2-19%47.1-19%4%13.2 18.4 6.4-32%3.6-21%30%4.2 6.0 2.2-26%1.1-22%3%7 2021 年 2022 年 2023H1 H1 同比 2023Q2 Q2 同比 Q2 环比 159.3 307.3 207.2 154%108.9 63%11%29.1 35.1 21.5 58%10.1 21%-11%-9.5-9.3-8.0-400%-4.5-626%27%1.8 6.3 2.5 3%0.7-55%-62%9.2 10.6 4.4 18%6.0 118%-466%1.0 3.1 2.1 224%1.3 312%77%10.9 22.6 9.3 1%4.9-6%15%9.1 13.5 3.8-48%0.7-85%-78%4.1 12.7-0.4-105%-1.1-133%-251%7.0 14.9 0.6-91%0.6-86%6741%15 2021 年 2022 年 2023H1 H1 同比 2023Q2 Q2 同比 Q2 环比 5.6 11.2 2.5-52%1.4-57%20%11.8 30.1 12.4-24%9.6 52%241%8.0 23.8-10.4-182%-3.3-163%-54%3.5 9.6-8.4-270%-8.1-408%2283%9.4 15.4 7.7 16%4.3 5%25%39.0 39.1 20.9-8%10.6 1%4%0.7 0.0-0.1-603%-0.2-400%-1528%0.8 1.5 0.2-77%0.1-57%46%17.5 31.0 13.0-7%6.0-21%-14%5.4 12.9 4.0-42%1.7-49%-24%3.7 3.6-1.2-148%0.1-92%-108%33.4 26.9 10.1-39%4.4-48%-23%14.4 23.1 8.5-8%5.5 19%89%1.0 1.6 0.7-25%0.1-74%-73%22.1 57.1 12.9-56%5.9-58%-15%13.1 17.6 5.2-49%2.7-45%10%6.0 7.8 2.8-44%1.5-29%15%12.6 19.5 2.7-81%1.6-76%45%7.5 5.3 0.2-95%0.1-86%29%5.4 9.0 5.1 48%2.7 53%11%1.7 1.0 0.3-67%0.2-60%22%27.2 40.0 14.0-30%7.6-32%16%2.8 7.2 3.8 3%2.0-2%7%5.5 5.2 0.2-93%-0.2-114%-142%4.1 3.5 0.9-58%0.4-53%-29%4.3 13.8 3.5-41%2.0-49%27%3.0 4.2 0.9-56%0.5-52%26%1.1 1.5 0.1-86%0.0-102%-108%8 出货量(GWh、亿 只)2018 年 2019 年 2020 年 2021 年 2022 年 2023H1 动力电池(GWh）宁德时代-动力 21.2 40.3 44.5 116.7 242.0 134 中创新航-动力 1.6 3.9 9.3 22.5 12 亿纬锂能-动 力、储 能 1.5 2.7 5.2 13.7 29.0 22 国轩高科-动 力、储 能 4.1 4.9 8.3 15.8 28.5 20 孚能科技-动力 1.9 2.3 1.2 4.4 10.3 6 储能电池(GWh)宁德时代-储能 0.1 0.7 2.4 16.7 47.0 34 中创新航-储能 0.2 0.3 0.7 2.5 3 派能科技-储能 0.3 0.6 0.7 1.5 3.5 1.8 9 GWh 2020 2021 2022 2023H1 1 34 96.7 191.6 112 2 LG 31 LG 60.2 LG 70.4 BYD 47.7 3 25 36.1 BYD 70.4 LG 新能源 44.1 4 10 26.3 38 22.8 5 SDI 8 SK On 16.7 SK On 27.8 SK On 15.9 6 SK On 7 SDI 13.2 SDI 24.3 CALB 13 7 4 7.9 CALB 20 三星 SDI 12.6 8 3 6.4 14.1 6.6 16 2020 2021 2022 2023H1 9 3 4.2 9.2 6.5 137 296.8 517.9 304.3 SNE research 10 2018 2019 2020 2021 2022 2023H1 296.11 457.88 503.19 1303.56 3285.94 1892.46 199.02 324.83 363.49 960.94 2620.50 1483.06 33.87 45.60 55.83 159.31 307.29 207.17 31.28 39.15 42.65 134.42 282.13 175.53 32.8%29.1%27.8%26.3%20.3%21.6%11.4%10.0%11.1%12.2%9.4%10.9%245.15 385.84 394.26 914.91 2365.93 1394.18 161.55 276.05 289.56 713.62 1959.65 1110.40 34.1%28.5%26.6%22.0%17.2%20.35%1.89 6.10 19.43 136.24 449.80 279.85 1.53 3.79 12.43 97.39 373.27 220.18 19.0%37.9%36.0%28.5%17.0%21.3%11 2019 2020 2021 2022 2023H1 457.9 503.2 1,303.6 3,285.9 1,892.5 64.1 81.6 169.0 363.0 229.8 24.5 11.2 35.0 115.9 69.8 49.6 67.2 103.6 230.5 152.4 17.3 28.3 68.2 203.8 123.0 33.1 36.4 56.9 90.7 43.7 4.3 29.6 129.2 51.6 45.6 55.8 159.3 307.3 207.2 15.2 16.5 29.1 35.1 21.5 1.3-3.3-9.5-9.3-8.0 0.5 1.5 1.0 3.1 2.1-1.2 0.1 1.4 6.9 1.5 1.7 0.5 1.8 6.3 2.5-7.1-10.5-10.9-3.9 29%28%26%20%22%30%29%22%16%16%23%16%-3%8%2%33%25%19%18%15%5%14%6%10%10%24%17%16%19%19%10%11%12%9%11%24%20%17%10%9%5%-30%-27%-8%-11%1%2%1%1%1%-7%0%2%3%1%5%1%3%7%6%17 2019 2020 2021 2022 2023H1-163%-35%-8%-8%2.2 2019-2020 2022 2023/2.2.1 H1 23Q1 Q2 2023 Q1 Q1 Q2-Q3 Q2 Q3 50%23Q2 1.6 3 3.9/1/a 70%b 2 Q2 1.86 c 23H1 3 378 51%-6.4 21.6 Q2 240%256%a Q1 1.32 Q2 0.16 b 4 c 18 12 2019 2020 2021 2022 2023H1 15,157 24,006 47,214 63,494 30,000 26,460 27,979 54,031 90,180 45,100 23,212 18,630 45,392 66,074 22,000 18,209 9,020 34,083 45,094 13,000 39,503 49,348 76,112 83,638 27,000 13 2019 2020 2021 2022 2023H1 1.41 1.32 1.64 3.59 3.55 0.59 0.64 1.50 1.46 0.7 0.81 0.43 1.50 2.18 0.14 0.10-2.15 1.18 2.77-0.27 0.18 0.49 0.67 1.17 0.84 14 2022Q1 2022Q2 2022Q3 2022Q4 2023Q1 2023Q2 14,000 15,000 16,000 18,494 14,000 16,000 18,000 18,000 23,000 31,180 26,100 19,000 15,074 15,000 18,000 18,000 7,000 15,000 10,500 9,200 14,000 11,394 7,000 6,000 18,351 22,000 22,000 17,000 10,000 17,000 15 2022Q1 2022Q2 2022Q3 2022Q4 2023Q1 2023Q2 2.44 4.06 4.15 3.61 2.97 4.00 1.65 2.37 0.82 1.30 1.14 0.14 1.84 2.97 1.95 2.02-0.30 0.34 3.22 3.45 2.39 2.25 1.02-1.78 0.81 1.41 1.44 1.21 0.98 0.76 16 2020 2021 2022 2022Q3 2022Q4 2023Q1 2023Q2 31351 121327 323880 90,000 119,810 100,000 116000 18813 40036 92206 30,000 40,000 25,000 38123 30657 91226 172308 48,000 53,645 35,000 54000 17 2022Q3 2022Q4 2023Q1 2023Q2 0.53 0.74 0.40 0.82 0.99 0.39-0.17-2.13 1.08 1.20-2.10-0.63 19 2.2.2 22 339.2 10%31.1 28%Q2 23Q2 1.1/19%Q3 9000/1/14 15 2.2.3 2022 Q2 2023 Q2 9 12.5%Q2 0.6 1000 35%LiFSI 92%80%LiFSI 18 2022Q1 2022Q2 2022Q3 2022Q4 2023Q1 2023Q2 5149.06 5,214.37 6065.39 5,888.12 4,314.00 3,672.60 2881.39 3021.20 3871.78 4069.01 2996.95 2559.30 1,497.92 1,408.38 1,454.17 1,353.97 694.77 593.59 1,494.56 1,391.92 1,368.06 1,284.87 685.90 585.04 2022Q1 2022Q2 2022Q3 2022Q4 2023Q1 2023Q2 4,433.63 3,785.84 5,047.79 5,353.98 3,398.23 2,707.96/2.09 1.65 1.3 1.10 0.79 0.6 20 16/17/2.2.4 H1 23%10.4%45%2.2.5 19 2022Q2 2023Q1 2023Q2 Q2 Q2 31.6 25.7 30.0 17%-5%6.7 6.6 6.9 4%3%52.6 42.6 81.2 91%54%8.1 6.3 6.9 11%-15%2022Q2 2023Q1 2023Q2 Q2 Q2 11.0 6.5 7.6 16%-32%2.0 1.8 2.0 7%-2%11.4 4.2 9.7 133%-14%1.0 0.8 0.8 0%-19%2022Q2 2023Q1 2023Q2 51.2 46.0 41.3 50.1 46.3 45.4 27.3 28.1 23.9 18.5 15.8 18.0 20 2018 2019 2020 2021 2022 2023H1 21 518.44 849.83 1115.60 2717.63 4000.5 5568.48 42.42 71.34 154.03 142.63 263.1 120.14 638 864 962 2575 3873 1349 74.62%90.08%95.22%95.22%95.22%95.22%476 778 920 2452 3688 1284.52 5 8 13 31 46 22/1.36 1.08 0.74 0.84 0.83 0.61 2.3 CTP/CTC 1 2 3 18 19 22 20 CTP 21 400-500km 5 30%60%22 23 10%15%23 24 LFP LMFP LMP 25 LFP LMFP LMP 21 luxeed+2022 PP 22 2023 6 29 2023 6 20 2022 12 PET 2023 9 1 7 7000 2023 9 19 2.43 2023 9 7 10 3 4-6 2024-2025 24 2021-2023 25 800V 4C 4C SIC LiFSi PAA 23 4C 10min 80%255Wh/kg 1000km 700km 46 15 80%20 L600 L300 4C 165Ah 260Wh/kg 20-80%SOC 10 SFC480 5min 200 25 3.1 2020-2023 60%2020 13%2021 8%2022 13%2025 25%2023 850 2 16.7GWh 15.9GWh 40GWh ITC 2023 4 30.2GW+89%2023-2025 25%24 2020 2021 2022 2023F 2024F 2025F 137 352 684 911 1086 1260 168 305 396 542 738 972 GWh 83 217 436 487 544 647 GWh 75 151 226 290 404 580 GWh 158 368 662 776 948 1227 GWh 82 89 93 107 118 130 GWh 13 16 13 15 18 20 GWh 11 13 12 13 16 19 GWh 27 60 130 223 313 390 GWh 292 547 911 1135 1413 1787 YoY 31.2%87.5%66.7%24.6%24.4%26.5%GGII EVTank 26 26 GGII EVTank L4-5 Transformer Dojo 2D 3D 4D 3 27 FSD 28 3.2 2022 2024 2025 ROE 27 25 ROE ROE-TTM 2019 年 2020 年 2021 年 2022 年 2022H1 2023H1 同比百分点变化 12.83 10.91 21.42 24.68 7.29 12.38 5%27.39 15.07 17.99 14.52 7.40 6.83-1%1.91-3.85-9.85-8.71-1.72-6.84-5%7.39 2.22 6.99 18.71 8.12 6.17-2%13.50 12.74 9.23 6.43 2.66 2.06-1%0.59 1.51 0.69 1.47 0.34 0.88 1%-6.61 11.26 16.46 21.57 9.31 7.85-1%2.35 4.84 18.38 21.84 12.77 5.35-7%2.87-12.43 19.61 36.26 20.78-0.91-22%7.18 3.52 14.45 20.34 11.15 0.81-10%13.29 15.37 20.25 18.78 13.52 3.09-10%11.81 3.72 55.99 71.42 46.35 14.87-31%13.86-1.86 30.96 40.09 23.69-12.59-36%-7.24-4.38 28.36 19.03 28.48-10.47-39%13.81 14.12 13.74 11.71 6.51 4.44-2%1.56 13.18 26.60 17.27 10.62 7.65-3%10.83 6.57 5.92 0.34 0.21-0.94-1%3.84 7.21 8.42 6.47 4.90 0.51-4%20.61 10.84 18.03 25.93 12.58 9.28-3%12.28 13.92 34.05 36.63 31.61 7.68-24%9.52 8.14 16.12 9.94 7.27-2.62-10%2.40 1.14 21.32 12.82 8.46 4.38-4%17.69 9.58 20.80 26.35 11.38 8.22-3%9.89 5.42 9.20 11.53 7.67 4.22-3%0.58 17.26 41.89 58.01 35.38 10.13-25%10.81 12.59 22.24 23.24 14.01 6.11-8%18.46 17.00 26.56 16.72 11.09 4.08-7%-13.05 1.66 31.38 33.68 24.72 4.25-20%1.06-0.40 24.50 14.57 13.99 0.61-13%9.92 5.51 12.68 17.52 7.27 8.44 1%15.75 19.50 15.33 5.35 6.82 1.45-5%20.28 14.25 21.80 25.35 13.73 6.34-7%6.81 4.47 7.84 11.33 8.28 4.42-4%20.44 7.26 17.74 9.57 7.80 0.29-8%-5.87 0.20 11.17 6.97 4.02 1.35-3%8.51-0.39 9.86 24.62 11.46 5.57-6%9.92 6.62 16.24 18.90 9.45 3.60-6%14.40 9.67 12.66 8.43 6.71 0.52-6%28 26 2019 2020 2021 2022 2022H1 2023H1 322.7 684.2 890.7 1,910.4 1,542.6 2,195.8 42%21.0 38.0 68.1 89.8 76.0 103.3 36%45.8 57.2 49.8 113.2 45.7 90.7 99%4.6 14.7 12.2 12.6 10.3 14.6 43%46.7 46.0 83.7 193.5 95.0 201.7 112%36.1 33.4 113.9 141.2 116.4 166.0 43%21.7 17.3 43.2 52.2 45.6 55.3 21%10.6 14.1 25.9 50.0 53.0 46.6-12%2.4 3.0 14.7 19.0 10.0 14.9 49%3.7 2.4 12.8 48.9 7.7 16.2 112%0.5 2.8 4.3 10.2 7.1 16.0 124%0.2 5.4 4.9 10.5 9.1 22.8 151%3.0 11.7 18.7 35.1 70.7 24.4-65%0.9 0.8 3.1 47.8 9.1 38.3 322%9.5 27.1 87.0 152.5 98.0 129.9 33%28.9 23.3 97.7 154.4 181.4 154.3-15%1.7 1.2 2.8 6.8 4.3 5.2 22%0.3 0.7 3.1 11.2 2.4 8.0 229%8.6 50.3 38.8 64.1 48.3 77.1 60%0.2 0.2 1.2 21.5 1.6 6.4 304%3.3 2.8 14.6 14.7 21.4 8.8-59%23.1 30.8 92.9 47.4 61.6 43.0-30%12.0 24.1 18.7 62.4 34.1 43.4 27%0.8 2.2 3.2 6.2 5.7 3.0-47%2.1 3.1 21.5 46.6 24.7 19.7-20%3.2 18.1 14.6 32.2 18.1 39.2 116%4.2 12.1 9.9 29.8 48.1 52.5 9%11.0 15.2 14.4 36.8 22.2 49.0 121%1.0 0.6 5.1 10.3 12.5 8.1-35%2.0 7.7 5.0 22.4 6.4 9.3 46%0.9 0.6 3.8 7.9 5.5 11.3 105%10.1 23.7 18.3 39.5 24.0 65.0 170%4.8 4.4 9.7 31.3 15.9 28.8 81%7.0 10.5 12.6 21.3 9.9 24.3 146%12.2 22.1 17.9 50.3 40.9 40.5-1%15.5 11.6 21.2 71.5 46.4 92.2 99%2.0 2.0 2.2 6.9 5.7 6.7 18%0.5 0.3 5.3 5.9 5.9 4.8-20%27/2019 2020 2021 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 1.4 1.3 1.6 2.4 4.1 4.15 3.61 2.97 4.00 0.6 0.6 1.5 1.6 2.4 0.82 1.30 1.14 0.14 0.1-2.2 1.2 1.8 3.0 1.95 2.02-0.30 0.34 0.8 0.4 1.5 3.2 3.5 2.39 2.25 1.02-1.78 0.2 0.5 0.7 0.8 1.4 1.44 1.21 0.98 0.76 29/2019 2020 2021 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 1.08 0.92 1.18 1.43 1.38 1.38 0.9 0.8 0.45 0.37 0.36 0.59 0.52 0.7 0.6 0.5 0.4 0.3 0.85 0.62 0.53 0.53 0.48 0.5 0.25 0 0 0.79 0.79 0.84 1.38 1.19 1 0.81 0.6/2019 2020 2021 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 0.32 0.52 1.43 2.09 1.65 1.3 1.1 0.9 0.6 0.28 0.3 0.98 1.52 1.5 0.87 0.5 0.13 0.1/2019 2020 2021 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 1.08 0.86 0.84 0.95 0.91 0.94 0.63 0.63 0.65 0.13 0.13 0.24 0.48 0.57 0.47 0.37 0.38 0.33 2019 2020 2021 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 10.38%8.93%12.21%11.